Public Sector Banks: The net profit of 12 public sector banks collectively increased by 50 percent to Rs 25,685 crore in the September quarter of the current financial year.
State Bank of India: Finance Minister Nirmala Sitharaman said that the effect of the government’s efforts to reduce the bad loans i.e. NPA is now visible. He said that the net profit of 12 public sector banks collectively increased by 50 percent to Rs 25,685 crore in the September quarter of the current financial year. Net profit of all public sector banks jumped 32 per cent to Rs 40,991 crore in the first half of 2022-23.
Government’s efforts are showing effect
Sitharaman said in her tweet, ‘Government’s efforts to reduce NPAs and further strengthen the financial position of PSBs are showing effect.’ “The net profit of 12 state-owned banks increased to Rs 25,685 crore in the second quarter of the current financial year and Rs 40,991 crore in the first half,” he said. There has been an increase of 50 percent and 31.6 percent respectively on a yearly basis.
UCO Bank’s net profit rises to 504 crores
The Finance Minister said that the net profit of Canara Bank has increased by 89 percent to Rs 2,525 crore in the quarter under review as compared to the second quarter of the last financial year. In another tweet, he said that the net profit of Kolkata-based UCO Bank also increased by 145 percent to Rs 504 crore in the September quarter of the current financial year. Bank of Baroda’s net profit rose 58.70 per cent to Rs 3,312.42 crore in the quarter under review.
Of the 12 public sector banks, two Punjab National Bank (PNB) and Bank of India (BOI) saw a decline of 9 to 63 per cent in profits. Due to higher provisioning for bad loans, the profits of these banks have come down. At the same time, the profit of 10 other banks has increased by 13 to 145 percent in the second quarter. UCO Bank’s profit has increased the highest by 145 percent, while the quarterly profit of Bank of Maharashtra has increased by 103 percent.
